管理学国际博士（DBA）答辩系列 | 祝贺林维挺同学顺利通过博士论文答辩

2025年3月31日，SJTU-SMU DBA 2018级林维挺同学在交大安泰迎来了他论文的答辩时刻。SJTU导师傅仁辉教授，SMU导师梁昊教授及张连栋教授，一起参加并见证了林维挺同学的毕业答辩。

论文题目

《家族企业传承与企业投资决策》

作者简介

林维挺，英国杜伦大学经济学硕士、清华大学经济管理学院工商管理硕士、清华大学材料与化学工程博士。

论文摘要

家族企业在经济和社会发展中发挥着重要的作用，它们在创造财富、促进就业和提高社会福利等水平方面做出了巨大贡献。然而，家族企业的发展也面临着多种挑战，其中最大的挑战之一是代际传承问题。家族企业的代际传承事关其长期的可持续发展。在中国，改革开放以来民营企业快速发展，这些家族企业大部分仍由第一代创业企业家掌权，正在进入家族企业传承的关键时期。中国的政商环境和社会文化也使得中国家族企业面临着特殊的传承问题。代际传承的顺利进行是家族企业建立现代公司治理制度、弘扬企业家精神、实现长期可持续发展的关键。

本文以2016-2023年中国上市家族企业为样本，对家族传承与企业长期投资决策的关系进行了研究。特别地，本文使用多期双重差分模型实证检验了家族企业代际传承对其资本支出与研发投资决策的影响。实证结果发现，与外部职业经理人相比，家族二代继承人更倾向于增加企业的资本投资与创新投资。进一步的对比分析发现，当第一代创业企业家将企业交给外部经理人管理后，外部经理人更倾向于“保持现状”，企业在资本和研发方面的投资并未发生显著变化，而二代继承人则会显著地提高资本和研发支出。

为了克服在实证分析中可能存在的内生性问题，更准确地检验家族传承对企业长期投资决策的因果效应，本文选择第一代创始人的“儿子数量”作为工具变量，采用两阶段最小二乘法进行了进一步的实证分析。在中国的社会文化中，企业家更倾向于将企业传承给儿子而非女儿，且中国在上世纪80年代开始施行的“计划生育政策”使得一部分企业家的后代只有女儿。这为研究家族传承对企业长期投资的影响提供了独特的工具变量。实证分析结果进一步确认了家族继承人会显著提高企业的长期资本投资和研发投资。本文还进一步从“父子共治”、继承人兄弟姐妹数量和企业绩效等方面进行了横截面分析。

本文的研究发现揭示了中国家族企业代际传承对长期投资决策的正向影响，以企业创始人“儿子数量”为工具变量进行的实证分析使我们可以更好地得到家族传承对企业资本支出和研发投资的因果效应。为代际传承影响企业决策的相关研究提供了新的经验证据，也对家族企业更好地制定传承策略，完善公司治理具有一定的参考价值。

导师信息

LIANG Hao

Dissertation Committee Chair

（hliang@smu.edu.sg）

Full-time Faculty

Associate Professor of Finance; Lee Kong Chian School of Business

FU Renhui

Co-Supervisor

（renhuifu@sjtu.edu.cn）

Full-time Faculty

Associate Professor of Accounting ACEM, SJTU

ZHANG Liandong

Committee Member(s)

(ldzhang@smu.edu.sg)

Full-time Faculty

Deputy Dean,School of Accountancy,Lee Kong Chian Professor of Accounting

Abstract

Family businesses play an important role in economic and social development, and they have made great contributions in creating wealth, promoting employment and improving social welfare levels. However, the development of family business is also faced with a variety of challenges, one of the biggest challenges is the issue of intergenerational inheritance. The intergenerational inheritance of a family business is related to its long-term sustainable development. In China, private enterprises have developed rapidly since the reform and opening up, and most of these family enterprises are still controlled by the first generation of entrepreneurs, and they are entering a critical period of family business inheritance. China's special political and business environment and social culture also make Chinese family enterprises face special problems of inheritance. The smooth intergenerational inheritance is the key to establish modern corporate governance system, promote entrepreneurial spirit and realize long-term sustainable development of family enterprises.

Taking Chinese listed family enterprises from 2016 to 2023 as a sample, this paper studies the relationship between family inheritance and long-term investment decisions. In particular, this paper empirically examines the impact of intergenerational inheritance on capital expenditure and R&D investment decisions of family firms using a multi-period differential model. The empirical results show that compared with external professional managers, second-generation family heirs are more inclined to increase capital investment and innovation investment. Further comparative analysis found that when the first generation of entrepreneurs handed over the management of the enterprise to external managers, the external managers were more inclined to "maintain the status quo", and the investment in capital and research and development of the enterprise did not change significantly, while the second generation of heirs would significantly increase capital and research and development expenditure.

In order to overcome the endogeneity problem that may exist in the empirical analysis and more accurately test the causal effect of family inheritance on the long-term investment decision of enterprises, this paper selects the "number of sons" of the first-generation founders as the instrumental variable and adopts the two-stage least square method for further empirical analysis. In China's social culture, entrepreneurs are more likely to pass on their businesses to sons than daughters, and China's "family planning policy", introduced in the 1980s, has left some entrepreneurs with only daughters. This provides a unique instrumental variable for studying the impact of family inheritance on long-term investment. The empirical analysis results further confirm that family heirs can significantly increase the long-term capital investment and R&D investment of enterprises. This paper also carries on a cross-sectional analysis from the aspects of "father and son co-governance", the number of heirs siblings and enterprise performance.

The findings of this paper reveal the positive impact of intergenerational succession on long-term investment decisions in Chinese family firms. The empirical analysis using the "number of sons" as the instrumental variable enables us to better understand the causal effect of family succession on capital expenditure and R&D investment. It provides new empirical evidence for the research on the influence of intergenerational inheritance on corporate decision-making, and also has certain reference value for family enterprises to better formulate inheritance strategies and improve corporate governance.

SJTU – SMU DBA

项目简介

SJTU – SMU DBA项目是上海交通大学安泰经济与管理学院与新加坡管理大学李光前商学院联合举办的一个高等学位教育项目，结合了中西方顶尖学术力量，立足中国、放眼全球、旨在培养集应用、管理、研究大成于一体的企业家和管理者。本项目充满了创新与挑战精神，在课程设置上侧重研究理论与方法的传授，在应用研究上追求商业实践与学术的结合。学员从不同的视角来探索全球商业社会，在系统学习和论文答辩后，获得新加坡管理大学工商管理博士学位。